Financial Reporting
Compilation Engagements VS Agreed-upon Procedures 2019
CPD Hours: 2
Price: R237.50
Title / Topic
Compilation Engagements VS Agreed-upon Procedures 2019
Compilation Engagements VS Agreed-upon Procedures 2019
Presenter: Lettie Janse van Vuuren
Learning objectives
By the end of this webinar the participant should be aware of the process to prepare their entity for a financial audit, with regard to:
- The legislation that is applicable – with specific reference to the Companies Act and Regulations
- The standards that must be followed:
- ISRS 4400 – Agreed-upon Procedures Engagements
- ISRS 4410 – Compilation Engagements
- The requirements set out in these standards (e.g. Ethical requirements, documentation, etc)
- How to apply these standards in practice (including examples of engagement letters and practitioner’s reports)
- The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures
- Other useful documents to make your life easier
Course content
The following topics will be covered in detail during the event:
- The legislation that is applicable:
- In accordance with the requirements set out in the Companies Act and Regulations
- Who is responsible for compliance? (including the 6-month deadline)
- Public Interest Score
- What type of engagement is required?
- Who may perform the identified type of engagement? (including compilations)
- Financial Reporting Framework to be used
- Difference between internally compiled and independently compiled
- Consequences of non-compliance
- In accordance with the requirements set out in the Companies Act and Regulations
- The standards that must be followed:
- ISRS 4400 – Agreed-upon Procedures Engagements
- ISRS 4410 – Compilation Engagements
- The requirements set out in these standards, including:
- Ethical requirements
- Quality Control requirements (including acceptance and continuance of clients)
- Professional Judgment
- Procedures to be performed
- Documentation
- How to apply these standards in practice:
- Reporting responsibilities (Practitioner’s report, reporting to CIPC & on NOCLAR)
- Using standardised documents (including examples of Engagement letters, Report of Factual Findings and a Practitioner’s Compilation Report)
- The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures:
- Professional judgment
- Independence
- Engagement acceptance and continuance
- Use of a practitioner’s expert
- AUP report restrictions
- Other useful documents to make your life easier:
- Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedure Services
- Agreed-upon Procedures Engagements as a growth & value opportunity:
- The benefits to clients of offering such services;
- When such engagements are appropriate;
- Examples of financial and non-financial information AUP engagements; and
- 6 short case studies with example procedures that might be applied.
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